What Millrose Properties, Inc. told the SEC could break it.

Property assets span 30 states but ~50% are concentrated in California, Florida, and Texas (with ~41% in Florida and Texas alone).

“Approximately 50% of the property assets are concentrated in three states (California, Florida, Texas) and approximately 41% are located in two strong housing market states: Florida and Texas (where we believe the market has healthy underlying demographic and/or economic trends primarily driven by generally steadily growing population).”

Externally managed by Kennedy Lewis affiliate KL and dependent on the Manager's technology-enabled homesite option platform; internalizing or terminating the Management Agreement would forfeit access to that platform.

“We rely on our Manager to perform these functions. In the event we decide to internalize our management function or terminate the Management Agreement, we will lose access to the homesite option platform.”

Carries substantial indebtedness (including 2030 and 2032 Notes) that could limit its ability to raise capital, react to industry changes, and increase default risk.

“We have a substantial amount of indebtedness which could adversely affect our ability to raise additional capital to fund our operations, limit our ability to react to changes in the economy or our industry, reduce our funds available for discretionary purposes, and increase the risk that we might default on our indebtedness.”

Newly imposed and shifting U.S. tariffs could indirectly raise the cost of goods needed for homesite development and construction and feed inflationary pressure.

“In addition, the U.S. has recently imposed, and may continue to impose or modify, significant tariffs with limited advance notice.”